ANN ARBOR – NanoBio Corporation Wednesday announced that the company’s licensing agreement with GlaxoSmithKline has been recognized by the Licensing Executive Society as the 2009 consumer products “Deal of Distinction.” LES recognizes noteworthy deals in five industry sectors that promote innovation solutions to business issues and deal structures.
On December 16, 2009, NanoBio announced an exclusive licensing agreement in the US and Canada with GSK for the over-the-counter use of NB-001, a novel compound in development as an advanced treatment for cold sores, NB-001 provides significant antimicrobial activity against the virus that causes cold sores, herpes labialis. The agreement provided NanoBio with an upfront payment of $14.5 million and is eligible to receive additional milestone payments of up to $40 million plus single digit royalties on future sales.
“NB-001 has the potential to dramatically impact how patients suffering from cold sores are treated,” said James R. Baker, Jr., MD, NanoBio’s CEO and founder. “Our partnership with GSK illustrates the value of our platform technology and provides the financial support to help ensure that NB-001 progresses through development and onto commercialization to reach a patient population that is in need of a new, advanced treatment option. Recognition of this licensing agreement is an honor and further demonstrates the importance of innovative licensing agreements in the biotech industry to sustain promising therapies.”
The company’s headquarters and laboratory facilities are located in Ann Arbor.
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